Electric Fuse Market Size, Share, Growth Analysis, By Type(Plug Fuse, Cartridge Fuse, and Resettable Fuse), By Application(Residential, Commercial and Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2066 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
62
|Figures:
75
Electric Fuse Market Insights
Global Electric Fuse Market size was valued at USD 15.06 billion in 2022 and is poised to grow from USD 15.9 billion in 2023 to USD 24.59 billion by 2031, growing at a CAGR of 5.6% during the forecast period (2024-2031).
The electric fuse market is witnessing significant growth due to the increasing demand for electrical safety across various industries. Electric fuses are essential components in electrical circuits, designed to protect against overcurrent and prevent electrical fires. This market's growth is primarily driven by factors such as expanding industrial infrastructure, rising concerns about electrical safety, and advancements in fuse technology.
One key trend in the electric fuse market is the shift towards miniaturization and increased efficiency. Manufacturers are developing compact, high-performance fuses to meet the demands of modern electronics and industrial equipment. Additionally, adopting renewable energy sources like solar and wind power has increased the need for fuses to protect these systems from electrical faults. Geographically, Asia-Pacific is a prominent market for electric fuses, driven by rapid industrialization and urbanization in countries like China and India. North America and Europe also contribute significantly to market growth, with a focus on upgrading aging electrical infrastructure.
Furthermore, the electric fuse market is witnessing innovation by integrating innovative technologies. Smart fuses with remote monitoring capabilities are becoming increasingly popular as they allow real-time tracking of electrical systems, enhancing maintenance and safety.
US Electric Fuse Market is poised to grow at a sustainable CAGR for the next forecast year
Market Snapshot
Global Market Size
Largest Segment
Cartridge Fuse
Fastest Growth
Cartridge Fuse
Growth Rate
ong>US Electric Fuse Market is poised to grow at a CAGR
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Electric Fuse Market Segmental Analysis
The Global Electric Fuse Market is segmented by type, application, and region. Based on type, the market can be segmented into plug fuse, cartridge fuse, and resettable fuse. Based on application, the market is segmented into residential, commercial and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Electric Fuse Market Analysis by Type
By type, the market can be segmented into plug fuse, cartridge fuse, and resettable fuse. Cartridge fuses dominated the electric fuse market. These fuses are widely used in industrial and commercial applications due to their robust construction and high current-carrying capacity. Cartridge fuses are available in various sizes and current ratings, making them versatile for different power distribution systems. They offer reliable protection against overcurrent and short circuits, ensuring the safety of electrical equipment and systems.
The resettable fuse segment is experiencing rapid growth and is considered the fastest growing segment in the electric fuse market. Also known as PTC (positive temperature coefficient) or polymeric positive temperature coefficient (PPTC) fuses, these fuses offer the unique advantage of being able to reset after tripping. This feature eliminates the need for manual replacement, reducing downtime and maintenance costs.
Electric Fuse Market Analysis by Application
By application, the market can be segmented into residential, commercial and industrial. The industrial sector dominated the electric fuse market. Industrial applications require robust electrical protection systems to ensure the safety of equipment, prevent downtime, and maintain smooth operations. Electric fuses play a critical role in safeguarding industrial machinery, control panels, and power distribution systems from overcurrent and short circuits.
The residential segment is experiencing rapid growth and is considered the fastest growing segment in the electric fuse market. Residential applications include homes, apartments, and other housing units, where electric fuses are employed for protecting electrical circuits and appliances. The growth of the residential segment can be attributed to the increasing construction of new residential buildings, apartments, and houses. As the number of residential units expands, the demand for electric fuses for circuit protection and electrical safety increases.
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Electric Fuse Market Regional Insights
The dominating region in the global electric fuse market is Asia Pacific. Asia Pacific has emerged as a key market due to several factors, including rapid industrialization, urbanization, and infrastructural development in countries like China, India, and Japan. These countries are witnessing significant growth in their manufacturing sectors, which has resulted in an increased demand for electric fuses. China, in particular, plays a crucial role in the dominance of Asia Pacific in the electric fuse market. The country's expanding manufacturing industry and its focus on infrastructure development have driven the demand for electric fuses in various applications.
The fastest-growing region in the global electric fuse market is expected to be the Middle East and Africa (MEA). The MEA region is experiencing substantial growth due to various factors, including increasing urbanization, infrastructure development, and the rising demand for electricity in countries like Saudi Arabia, the United Arab Emirates (UAE), and South Africa. The growing construction and real estate sectors in the Middle East, particularly in the UAE and Saudi Arabia, are driving the demand for electric fuses. These fuses are essential for ensuring electrical safety in residential, commercial, and industrial buildings.
- Largest
- Fastest
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Electric Fuse Market Dynamics
Electric Fuse Market Drivers
Increasing demand for electrical safety and reliable circuit protection solutions across industries
- One key driver propelling the growth of the global electric fuse market is the increasing demand for electrical safety and reliable circuit protection solutions across industries. With the expanding infrastructure development, rising adoption of electronic devices, and growing dependence on renewable energy sources, the need for effective protection against over currents and short circuits has become paramount. This driver is fueling the market's expansion as organizations prioritize the safety and uninterrupted operation of their electrical systems and equipment.
Electric Fuse Market Restraints
Availability of alternative circuit protection technologies
- One significant restraint faced by the global electric fuse market is the availability of alternative circuit protection technologies. As advancements in technology continue, alternative solutions such as circuit breakers, solid-state relays, and intelligent electronic devices are gaining prominence. These alternatives offer features like remote operation, precise monitoring, and self-diagnostics, which may pose a challenge to the traditional electric fuse market. The competition from these alternatives could restrict the growth of electric fuses, particularly in industries seeking advanced functionalities and integrated protection systems.
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Electric Fuse Market Competitive Landscape
The global electric fuse market is characterized by a mix of established manufacturers, emerging players, and regional suppliers. Companies operating in this market focus on product development, technological advancements, and strategic collaborations to gain a competitive edge. Additionally, the market witnesses a significant emphasis on expanding product portfolios to cater to diverse industry requirements. Market players also invest in research and development activities to enhance the performance and efficiency of electric fuses, ensuring their relevance in an evolving electrical safety landscape.
Electric Fuse Market Top Player’s Company Profiles
- Siemens AG (Germany)
- Legrand SA (France)
- Littelfuse, Inc. (US)
- General Electric Company (US)
- Mitsubishi Electric Corporation (Japan)
- Bel Fuse Inc. (US)
- Mersen SA (France)
- SIBA GmbH (Germany)
- Fuji Electric Co., Ltd. (Japan)
- TE Connectivity Ltd. (Switzerland)
- S&C Electric Company (US)
- Cooper Bussmann (US)
- C&S Electric Limited (India)
- Lawson Fuses Ltd (UK)
- Carling Technologies, Inc. (US)
- Eti Elektroteknik San. ve Tic. A.Ş. (Turkey)
- AEM Components (US)
Electric Fuse Market Recent Developments
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In February 2024, intelligent power management company Eaton opened a new assembly plant in Santiago de los Caballeros, the company's fifth manufacturing site in the Dominican Republic, to meet growing customer demand for its fuses.
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In January 2024, Bel Fuse Inc, a leading global manufacturer of products that power, protect, and connect electronic circuits, announced the industry’s only surface mount, PPTC (polymeric positive temperature coefficient) resettable fuses, line-volt-rated to 240 VAC.
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In December 2023, Bharat Electronics Limited (BEL) received an order of Rs 4,522 Crore from Indian Army for the supply of Fuses for various calibres, the company on Friday announced through an exchange filing.
Electric Fuse Key Market Trends
- One key market trend in the global electric fuse market is the increasing integration of smart and IoT-enabled features in fuse products. This trend is driven by the growing demand for advanced monitoring, diagnostics, and remote-control capabilities in electrical systems. Smart electric fuses can provide real-time data on electrical parameters, detect faults, and enable remote resetting or tripping. This integration of smart technology enhances operational efficiency, enables predictive maintenance, and improves overall system reliability, catering to the evolving needs of industries seeking intelligent and connected solutions.
Electric Fuse Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global electric fuse market analysis, the market is experiencing significant growth, driven by the increasing demand for electrical safety and circuit protection across various industries. Factors such as infrastructure development, rising adoption of electronic devices, and the shift towards renewable energy sources contribute to the market expansion. The dominating segment is cartridge fuses, widely used in industrial machinery and power distribution systems. The fastest growing segment is resettable fuses, providing automatic recovery from overcurrent events. However, the market faces the challenge of alternative circuit protection technologies. The competitive landscape comprises established manufacturers focusing on product development and strategic collaborations. Additionally, the trend of integrating smart and IoT-enabled features in electric fuses adds advanced monitoring and control capabilities to meet evolving industry needs.
| Report Metric | Details |
|---|---|
| Growth Rate | ong>US Electric Fuse Market is poised to grow at a sustainable CAGR for the next forecast year % |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Fuse Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Fuse Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Fuse Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Fuse Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Fuse Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Fuse Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Electric Fuse Market Report Snapshots
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